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Sterne Agee just recommended that investors buy Foot Locker (FL).

“Foot Locker is a better way to capture Nike’s strength,” they noted, “as Foot Locker has the ability to curate the best of athletic brands.”

Unfortunately, I wouldn’t take the advice just yet.

The stock is now massively over-extended on RSI, MACD and MFI.

Each time RSI moves above its 70-line, the stock pulls back. Each time MACD pushes to 2.0, the stock pulls back. And each time MFI moves above its 80-line, the stock pulls back.

All three are above those key lines again now.

Buying Foot Locker at this level is not a good move. Wait for it to pull back to the mean before throwing cash at the name.

Foot Locker

Foot Locker